A well-known crypto trader predicts that Dogecoin (DOGE), a popular memecoin, could reach double-digit prices based on historical patterns. Crypto strategist Ali Martinez, who has a following of 97,000 on the social media platform X, believes that DOGE is currently in a phase where it pauses before experiencing a significant increase in value.

The trader shares a chart that shows how DOGE’s price movement during the 2017 and 2021 market cycles resembles its current trading in a large ascending channel.

According to Martinez, this indicates that DOGE is still in the early stages of its bull cycle. As a result, the trader sees the current dip in DOGE’s price as an opportunity to buy more at prices between $0.40 and $0.30. The trader’s target for DOGE remains at $3, but if things go exceptionally well, the price could reach $18.

At the time of writing, DOGE is trading at $0.391, which represents a nearly 5% decrease for the day.

Moving on to Cardano (ADA), a layer-1 protocol, Martinez suggests that the altcoin could find support at the $1 level, based on the In/Out of the Money Around Price (IOMAP) metric. This metric classifies crypto addresses as either profiting, breaking even, or losing money to determine support and resistance levels for ADA. According to the IOMAP metric, there are 41,720 addresses that have accumulated over one billion ADA at the $1 price level.

Zooming out, Martinez notes that Cardano appears to be following its price action in 2020, where it experienced a retracement before surging to new highs. Based on this observation, the trader plans to buy more ADA even if the price dips to $0.76, with the intention to book profits between $4 and $6.

At the time of writing, ADA is trading at $1.

Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are done at one’s own risk, and any losses incurred are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it an investment advisor.